Interesting.... so the high point of the 1920s, when the entire economy was doing fantastic, and everyone was prospering
Would you care to define "everyone" and prosperity?
The Economic Issues - The Roaring Twenties: A False Prosperity
"During the 1920s, the gap between the rich (Top 10% of citizens) and the poor (Bottom 90% of citizens) was at the highest it had ever been in United States history before that point.
"This was mostly due to the stock market boom that occurred during this time, as well as a massive confidence spike from investors in certain stocks."
The rich prospered during the Roaring Twenties, largely from another fraudulent stock market and, of course, rampant consumerism.
By everyone, I mean, from the poorest people, to the richest people. Everyone, meaning that as a group, every single group of people in the country, was better off.
There was no false prosperity during the 1920s. Nor was the stock market over valued. Both are myths.
The roaring 20s were a decade of growth, and a rise in the standard of living. This is proven by every possible economic measurement.
Further, the stock market was not overvalued.
https://www.minneapolisfed.org/research/sr/sr294.pdf
There have been numerous papers on this, including the one above from the federal research.
By any economic measure, the stocks of the 1920s were not over valued. The value of stocks changed. The value of any stock, is determined by the current, and future performance of the company that the stock represents an ownership in.
If the future value of the company, is changed, because of burdensome regulations, taxes, or a tariff on goods.... then the stocks of that company, will change in value with the company.
The stock market crash, was caused by socialism. Government intervention into the market through regulations, taxes, and tariffs.
But there was absolutely nothing, nothing at all, that was fake about the prosperity of the 20s. Nothing. No evidence to support such a conclusion, other than the child-like claim that since stock values fell, they must have been over valued.